Planned Giving

Planning for the Future

Making a planned gift to WQLN Public Media is the best way to ensure that programming that has made a difference in your life continues to nurture your children, grandchildren and all in our community. A planned gift enables you to give a larger gift to WQLN. Perhaps you’ve always wanted to give more, but it never fit in your budget. A planned gift is the perfect way to give a lasting gift to a cause near and dear to your heart—to leave a legacy.

The most common way individuals provide for WQLN in their estate plans.
You may choose to make an outright bequest to WQLN Public Media by leaving a specific dollar amount or a percentage of your estate to the station in your will.

The following is a sample of bequest language:

"I give (____ percent of my estate) or (the residue of my estate) or ($_______ specific dollar amount) to WQLN Public Media, a Pennsylvania nonprofit corporation, for its general use and purposes. WQLN is located at 8425 Peach St., Erie, PA 16509

Your attorney or financial advisor may need WQLN's Federal ID number (also known as employer identification number) which is: 25-115-4116

Another gift planning opportunity that allows you to take cash or an appreciated asset, and convert it into an income for you and an important gift to WQLN.

If you own stock, it is often more tax-wise to contribute stock than cash. A gift of appreciated stock generally offers a two-fold tax saving.

1. You avoid paying any capital gains tax on the increase in value of the stock.
2. You receive an income tax deduction for the full fair market value of the stock at the time of the gift.

Example:
If you purchased some stock many years ago foronly $1,000, and it is now worth $10,000, an outright gift of the stock to us would result in a charitable contribution deduction of $10,000. In addition, there is no tax on the $9,000 appreciation in value.

The process of donating an appreciated asset is simple. The following is a sample of bequest language:

"I give to WQLN all of my shares of XYZ stock or mutual fund to be used for the benefit of WQLN Public Media nonprofit corporation, for its general use and purposes."

Convenient ways to support WQLN’s future. They may reduce your tax burden.

Retirement Plans

Retirement assets are considered to be one of the best assets to use in making a charitable gift because, under current law, passing these assets to your heirs can subject them to estate and income taxes that can reduce them by as much as 80%. Special consideration (by you and your financial advisor) should be taken with retirement assets.

However, careful planning concerning the withdrawals from retirement funds needs to be done. Not only is there a potential income tax burden, but if there is a balance in your retirement account at your death, there may be estate taxes as well. Estimates are that taxes could eat up as much as 75-80% of retirement assets under certain circumstances.

Using qualified retirement plan funds is an excellent source of assets to fund bequests. By designating WQLN Public Media as a beneficiary (it can be a contingent beneficiary after the death of a spouse) funds pass to WQLN free of taxes.

It is possible to set up the beneficiary as the recipient of the entire remaining funds in the account or establish a percentage to fund the bequest.

Please note - the designation of the station as a beneficiary of retirement fund assets cannot be simply written in your will or trust. The station must be designated as a beneficiary of the retirement plan.

Life Insurance

There are several ways you can use life insurance as the basis for a charitable gift.

Making the charity a beneficiary of your Life Insurance Policy

ou may wish to make WQLN the beneficiary (or a contingent beneficiary) of a life insurance policy as a way to make a sizeable future gift.

You retain lifetime ownership of the policy, keeping the right to cash it in, borrow against it, and change the beneficiary.

A gift of this nature is treated much like a bequest made through your will. Because you retain the ownership of your asset (the policy), you will not receive an income tax charitable deduction for this future gift or for your premium payments during your lifetime.

The policy's proceeds will be included in your gross estate, and your estate can take an estate tax charitable deduction.

Making a gift of your policy

You may wish to transfer ownership of a policy to WQLN, or purchase a new policy with WQLN as owner and beneficiary. If you make a charity the owner and beneficiary of a policy, you are entitled to certain tax advantages.

Real Estate

A residence, a vacation home, a farm, acreage, a vacant lot—any of these may have so appreciated in value through the years that its sale would mean a sizeable capital gains tax! By making a gift of this property instead, you would avoid the capital gains tax, and receive a charitable deduction for the full fair market value of the property. It is also possible for you to continue to use the property for your lifetime while you receive a tax deduction.

Note: If the contribution from your property exceeds the allowable charitable deduction limits, the deduction may be carried forward for five years.

Here's another idea...
Ask your attorney or financial planner how you can fund a charitable remainder trust with property that will provide you with an income over your lifetime!

Two creative ways to make a meaningful gift to WQLN!

Get your FREE Personal Estate Planning Guide

Whatever your stage in life, it is a good idea to think about and plan for how your affairs will be handled. A few simple steps today can give you peace of mind tomorrow by ensuring that you and your loved ones are well protected. Your estate plan can also be used to support charitable causes that matter most to you, such as the quality programs and education services offered to our community by this station.

Join other loyal public media supporters by requesting your FREE organizer, then get your estate plan off the ground during National Estate Planning Awareness Week 2017.